Ratio DecidendiRatio Decidendi


(1976) JELR 45220 (SC)    

Supreme Court  ·  SC.197/75 ·  4 Jun 1976 ·  Nigeria
Other Citations
(1976) All N.L.R 326 (1976) 6 S.C 115
ATANDA FATAYI-WILLIAMS Justice of The Supreme Court of Nigeria AYO GABRIEL IRIKEFE Justice of The Supreme Court of Nigeria MOHAMMED BELLO Justice of The Supreme Court of Nigeria

Ratio Decidendi

Core Terms Beta
eastern states
learned president
banking obligations
originating summons
central bank of nigeria
provisions of section
30th may
commercial bank
court lacks jurisdiction
federal revenue court
governor of the central bank of nigeria
respect of any act
learned president of the federal revenue court
provisions of sections
sikiru agboola lasisi
9th day of january
above matter
aforesaid shipment
amount of such liabilities
appropriate cases
appropriate foreign currencies
barclays bank d.c.o.
bills of exchange
books of the head office of the plaintiffs
close look
companies decree
debit suspense account
defendants assurance
determination of the court
following questions
governor of the defendants bank
insertion of the word conditional
irrevocable documentary letters of credit
ouster of the jurisdiction of the court
overseas banks
part of the residue of banking funds
plaintiffs of such sum
relevant portion of this letter
residue of banking funds of barclays bank
residue of such banking funds
respect of its assets
right of the plaintiffs
said decree
said letters of credit
subject matter of the originating summons
various dates

A. FATAYI-WILLIAMS, J.S.C. (Delivering the Leading Judgment): By an originating summons issued in the Federal Revenue Court sitting in Lagos, the Plaintiffs, now Appellants

1. Seek against the Defendants the determination of the court on the following questions, namely:-

(a) Whether or not the right of the Plaintiffs to be reimbursed for payments made by its branches in London and New York in circumstances specified in the particulars to this originating summons was extinguished by the Banking Obligations (Eastern States) Decree 1970; and

(b) properly treated by the Central Bank of Nigeria pursuant to section 4 of the Decree aforesaid by excluding it in calculating the residue of banking funds of Barclays Bank of Nigeria Limited.

2. If the answers to 1(a) and (b) are in the negative an order for the refund to the Plaintiffs of such sum as may be agreed by the parties or determined by the court to be due as not having been properly treated when calculating the residue of such banking f…

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